Albemarle Announces Initiation of Consultation Process with Works Council At Its Facility in Port de Bouc, France
BATON ROUGE, La. and FRANKFURT, Germany, Oct. 23 /PRNewswire-FirstCall - Albemarle Corporation (NYSE: ALB) and International Chemical Investors Group ("ICIG") announced today that Albemarle Chemicals SAS, a wholly owned affiliate of Albemarle Corporation, has initiated the consultation process required by French law with the Works Council at its facility in Port de Bouc, France related to the potential sale of the plant to ICIG. Under the proposed terms, ICIG would acquire all equipment, buildings, land and certain other assets at Port de Bouc, France, and ICIG would toll manufacture certain products for Albemarle. Upon closing, Albemarle would expect to incur a pre- tax charge of approximately $25 to $30 million.
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; and construction and packaging materials.
The Company operates in three business segments -- Polymer Additives, Catalysts and Fine Chemicals, and serves customers in approximately 100 countries. Learn more about Albemarle at www.albemarle.com
About International Chemical Investors
International Chemical Investors Group is a privately held investment company focusing on mid-sized chemicals businesses. Since inception in 2004, ICIG has acquired 14 independent chemicals businesses with total sales of approximately euro 600 million.